Published: Monday, November 5, 2012 at 5:32 p.m.

Last Modified: Monday, November 5, 2012 at 5:32 p.m.

Sun Hydraulics Corp.’s third-quarter profits fell 23 percent from the same period a year ago, impacted by a slowing economy both in Europe and Asia and in North America.

Sales dropped 8 percent.

The Sarasota-based maker of hydraulic valves reported a profit of $8.8 million, or 34 cents per share, in the most recent quarter. That was down from $11.4 million, or 44 cents per share, in the third quarter of 2011.

Sales were $48.8 million, down from $53 million a year ago.

Sun reported its results after the close of the stock markets on Tuesday. The company’s shares, which trade on the Nasdaq, were selling for $25.80 at the close of regular trading, down 44 cents, or about 1.7 percent.

“The sales decline was driven primarily by Asia/Pacific and Europe,” said Allen Carlson, Sun’s chief executive and president. “While business was down in these regions, we continued to gain new customers to make up for slowing business with existing customers. North America was able to eke out a modest increase in the period.”

New products continued to represent 10-15 percent of sales, and the company is working on revamping its website to make it faster and easier for customers to use.

Sun, poised to added 361 new jobs in the next five years through a plant expansion, is projecting fourth-quarter profits of 22-24 cents. That would compare with 24 cents in the fourth quarter of 2011.

Company managers are expecting revenues of $41 million, which would be down 10 percent from the same 2011 quarter.

“Our fourth-quarter forecast reflects continued sluggishness in the macro economy,” Carlson said, noting that the Purchasing Managers Index, a key measure of manufacturing activity, “has yet to provide any clear trend indications either positive or negative.”

Sun has a new, 78,000-square-foot plant under way at 803 Tallevast Road in south Manatee County. When the plant is at capacity, it will take the company to more than 1,000 workers in Southwest Florida.

The company has already completed improvements to utilities to serve its existing building at 701 Tallevast Road. The properties are near Sarasota-Bradenton International Airport.

Sun’s combined capital investment is expected to be about $19 million. Last year, Sun renovated its headquarters and manufacturing plant in Sarasota County for $1.5 million.

<p>Sun Hydraulics Corp.'s third-quarter profits fell 23 percent from the same period a year ago, impacted by a slowing economy both in Europe and Asia and in North America.</p><p>Sales dropped 8 percent.</p><p>The Sarasota-based maker of hydraulic valves reported a profit of $8.8 million, or 34 cents per share, in the most recent quarter. That was down from $11.4 million, or 44 cents per share, in the third quarter of 2011.</p><p>Sales were $48.8 million, down from $53 million a year ago.</p><p>Sun reported its results after the close of the stock markets on Tuesday. The company's shares, which trade on the Nasdaq, were selling for $25.80 at the close of regular trading, down 44 cents, or about 1.7 percent.</p><p>“The sales decline was driven primarily by Asia/Pacific and Europe,” said Allen Carlson, Sun's chief executive and president. “While business was down in these regions, we continued to gain new customers to make up for slowing business with existing customers. North America was able to eke out a modest increase in the period.”</p><p>New products continued to represent 10-15 percent of sales, and the company is working on revamping its website to make it faster and easier for customers to use.</p><p>Sun, poised to added 361 new jobs in the next five years through a plant expansion, is projecting fourth-quarter profits of 22-24 cents. That would compare with 24 cents in the fourth quarter of 2011.</p><p>Company managers are expecting revenues of $41 million, which would be down 10 percent from the same 2011 quarter.</p><p>“Our fourth-quarter forecast reflects continued sluggishness in the macro economy,” Carlson said, noting that the Purchasing Managers Index, a key measure of manufacturing activity, “has yet to provide any clear trend indications either positive or negative.”</p><p>Sun has a new, 78,000-square-foot plant under way at 803 Tallevast Road in south Manatee County. When the plant is at capacity, it will take the company to more than 1,000 workers in Southwest Florida.</p><p>The company has already completed improvements to utilities to serve its existing building at 701 Tallevast Road. The properties are near Sarasota-Bradenton International Airport.</p><p>Sun's combined capital investment is expected to be about $19 million. Last year, Sun renovated its headquarters and manufacturing plant in Sarasota County for $1.5 million.</p><p>The company's foreign operations — in Germany, England, France, South Korea, China and India — employ about 140.</p>